How to calculate TDS on Salary: Section 192[Explained]
A Complete Guide on Deductions of TDS on salary and the Section 192 of the Income Tax Act. In this video we will tell you what is TDS on Salary, How TDS on Salary is calculated and who is eligible to deduct TDS on Salary.
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Here’s what you will gain from this video:
You will know what is TDS in salary and the section 192 of the Income tax act.
Section 192 of income tax act deals with provisions regarding TDS (Tax Deducted at Source) on salary. An employer is required to deduct TDS from the salary payable to the employees. When an employer is paying salary to an employee, which is categorized in Income under the head Salary, he is responsible for deducting TDS on an average rate of income tax based on the prevailing rate during the financial year by considering the estimated income of the assesse.
Employers include Individuals,HUF,Partnership firms,Companies,Co-operative societies,Trusts and Artificial judicial persons can deduct TDS
All these employers are required to deduct TDS at the given time and deposit to the Government.
For the application of Section 192, there must be an employer-employee relationship between payer and payee, in the absence of which TDS liability does not arise. It does not include any payment made by a person to another person voluntarily.
Section 192: TDS on Salary – Income Tax Department
http://search.incometaxindia.gov.in/p...
TDS on Salary – Deductions under section 192
https://www.hrblock.in/guides/section...
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